Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
UAE Banks Among Top Performing in GCC, KPMG Report Finds
 
UAE Banks Among Top Performing in GCC, KPMG Report Finds

21 May 2020: KPMG recently released its fifth edition of the ‘GCC listed banks’ results’ report, which analyzes the published results of listed commercial banks across the region for the year ended 31 December 2019. The report, titled ‘New Age Banking’, demonstrates that the UAE’s top ten banks reported positive results in 2019, with an average 13.9 percent growth in net profit, the highest among GCC countries, driven by an increase in the overall loan book and inorganic growth. 


The local banking sector continues to show strength and resilience as top UAE banks reported the region’s highest growth in their asset base of 19.5 percent. UAE-based Emirates NBD reported the highest net profit across the GCC, at USD 3.94 million, and the highest return on equity at 21.8 percent. 
Speaking about the report, Abbas Basrai, Partner and Head of Financial Services at KPMG Lower Gulf, commented: “The UAE banking sector has remained resilient, with overall good performance from the top ten listed banks. These positive financial results, coupled with the increasing focus on ‘digitization’ in the region, have resulted in a move towards a more innovative approach in “new age banking.”

 

On another note, Covid-19 is having an unprecedented impact on financial markets globally and locally and creating a unique situation for the industry. In the wake of the Covid-19 pandemic, the Central Bank of the UAE announced several relief packages. Banks must contend with many new regulations, as well as meet consumer demands for innovative, new digital banking products.

 

“Looking to the future of the financial services sector in light of the current pandemic we are experiencing, banks will need to innovate now more than ever to reach their customers through digital platforms and new mediums. Banks that are agile, flexible and willing to transform their business models will succeed, and secure their financial strength for future growth, while those that rest on their laurels will be left behind,” added Basrai.


The report further demonstrates that although regional banks have remained resilient in terms of profitability and asset growth, they continue to focus on managing the credit quality of their loan portfolios to ensure this resilience can be maintained.


The report titled ‘GCC listed banks’ results: New Age Banking, analyzes the results of selected listed banks in the Kingdom of Bahrain, the State of Kuwait, the Sultanate of Oman, the Kingdom of Saudi Arabia, the State of Qatar and the United Arab Emirates. It summarizes banks’ results through selected key performance indicators for the year ended 31 December 2019 and compares these with the same information for the year ended 31 December 2018. 


Posted by : Dubai PR Network Editorial Team
Viewed 7753 times
PR Category : Banking & Investments
Posted on : Thursday, May 21, 2020  1:32:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : SCCI, SIB Hold Virtual Meeting to Discuss Banking Sector Tre...
Next Story : Commodity Weekly: Gold and Silver Pop as Economic Clouds Dar...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individuals Across... [4432-Views]
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair [3067-Views]
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup [3042-Views]
Foreo Reveals 5 Ways to De-Stress Your Skin [2923-Views]
DTTAG New Executive Committee to Manage Post Covid 19 Return to Normalcy of Travel [2882-Views]
The Best Omega Sunglasses For a Long-Awaited Summer [2767-Views]
Emirates Post Unveils Modern New Website and Look [2530-Views]
Ethical JLT Salon THT is Supporting those whose Jobs have been affected during COVID-19 w... [2427-Views]
FEM Collaborates with Arab Comedian Maya Acra to Address the Taboo Around the Topic of Hai... [2403-Views]
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfeld” Game. [2329-Views]
Innovating to Fight COVID-19: Four Ways Drones are Contributing [2292-Views]
Urgent Implementation of ICAO COVID-19 Guidelines Needed [2271-Views]
Blue Ocean for Islamic Finance Industry [2251-Views]
Sony Middle East & Africa Introduces New Digital Camera ZV-1, designed for Vlogging in the... [2206-Views]
Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce [2148-Views]
Ericsson's USA 5G Factory: Staffed by Professionals – Trained by VR [2087-Views]
Airline Debt to Balloon by 28% [2050-Views]
Al Tayer Motors and Premier Motors Honour UAE's COVID-19 Frontline Heroes [1906-Views]
Sony Middle East and Africa and Gearbox team up to offer rental services of latest digital... [1857-Views]
80th Anniversary of Maserati's Targa Florio Victory Maserati Tests an Mc20 Prototype on th... [1845-Views]
Parmigiani Fleurier Toric Fleur [1833-Views]
Twentieth “World Milk Day” Sees NFPC Innovate With New Products That Meet Changing Consume... [1812-Views]
Tips for Keeping Your Smartphone Clean [1783-Views]
WTTC Launches Safe Travels Protocols for Aviation, Airports, MICE and Tour Operators [1759-Views]
ATM Virtual to Focus on Potential Chinese Outbound Travel Market [1738-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories